Gold prices in Pakistan continued their upward climb on Friday, in line with rising international rates. The price of gold per tola surged by Rs3,000, reaching a new record high of Rs280,900, according to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).
Meanwhile, the price of 10 grams of gold increased by Rs2,572, selling at Rs240,826. This comes after a smaller increase on Thursday when gold prices rose by Rs700, settling at Rs277,900 per tola. Silver prices also rose in Pakistan, increasing by Rs50 to settle at Rs3,100 per tola.
The latest surge follows global trends, where gold prices have been climbing steadily due to heightened demand for safe-haven assets amid geopolitical tensions and economic uncertainty.
On the international market, gold rose to $2,712 per ounce (with a $20 premium), marking a $30 increase during the day.
This is the first time gold has breached the $2,700-per-ounce level, driven by concerns over the US elections and ongoing Middle East conflicts, which have fueled a rush toward gold as a stable investment.
Analysts say the global gold rally is showing no signs of slowing down, despite a strengthening US dollar and rising Treasury yields.
Although recent US economic data points to a robust economy, traders still anticipate a 90% chance of a Federal Reserve rate cut in November, which could further support gold’s ascent in the coming weeks.
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